Overseas firms urged to focus on sustainable development

Imaginechina

Overseas companies in Shanghai's downtown are being urged to focus on environment, social and governance (ESG) to help China achieve its "dual carbon" goals.

Officials from over 20 overseas enterprises attended a salon on Thursday on the Bund in Huangpu District to share their successes in sustainable development.

China has pledged to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, known as the "dual carbon" goals, to fight against climate change.

The overseas firms based in downtown Huangpu District have become the leading players to practice the ESG sustainable development concept and help drive the rapid growth of Shanghai's low-carbon industries, said Gao Yun, Party secretary of the district.

A solicitation campaign was launched during the event to encourage local and overseas firms to publicize their sustainable development cases.

Starbucks, for instance, has opened 60 green outlets across the country. The Greener Store Lab is an eco-friendly café where wooden installations are made from recycled wood, coffee grounds are used as fertilizer in the garden, and over half of their menu is plant-based.

Another 2,500 such green outlets will be opened nationwide in three years, an official from the company said.

Shui On Group, a real estate firm, plans to achieve zero carbon emissions in the areas around the landmark Xintiandi and the Memorial Site of the First National Congress of the Communist Party of China.

Huangpu saw an actual use of foreign investment of US$1.09 billion in 2022, a 16.1 percent increase year over year. Eight regional headquarters of multinational corporations were newly set up in the district.